Vastned acquires premium high street shop in Brugge city centre
Vastned, the listed European retail property fund focusing on venues for premium shopping, has expanded its Belgian high street shop portfolio with the acquisition of a listed property at Steenstraat 38 in Brugge (Belgium) for € 11.5 million. The high street shop was acquired at a yield that is in line with the market.
With this property the Belgian team, led by Jean Paul Sols, has managed to acquire a high street shop in one of the top locations in Brugge. Brugge is an ancient city whose historic city centre is a UNESCO world heritage site, drawing in many national and international tourists every year. The Steenstraat in the heart of Brugge offers a unique shopping location and is therefore highly sought after by retailers. That is why this high street shop is a perfect fit with the portfolio we are striving for.
After refurbishment, Massimo Dutti will open for business in this high street shop in the historic city centre of Brugge. The shop is located in the very best part of Steenstraat and has a unique 17-metre wide façade. The surface area is divided over three floors: the basement measures 215 m², the ground floor 242 m² and the first floor is 240 m². On the second floor another 244 m² is available, which will be used for storage and staff facilities. Due to the attractiveness of the location we expect to be able to realise rent growth. In Brugge Vastned already owns the 2,000 m² property at Steenstraat 80 which is leased to H&M. The transaction was financed from existing credit lines.
Massimo Dutti is part of the Spanish Inditex Group, along with other brands like Zara, Zara Home, Bershka and Uterqüe. In Antwerp Massimo Dutti has also chosen to lease one of Vastned’s high street shops on one of the most popular shopping streets, Meir 99.
History of the property
The property was built in 1673 in classicistic style as the guildhall of the city’s carpenters. In about 1982 the property was torn down except for its facade, fully rebuilt and fitted out a bank. Until mid-2013 it was in use as a branch of KBC bank. It is now being refurbished as a shop for Massimo Dutti, respecting the façade’s rich architecture. The fitting which will be done by Massimo Dutti’s will further enhance the stature and character of the property.
Vastned is een beursgenoteerd Europees winkelvastgoedfonds met focus op 'venues for premium shopping'. Vastned belegt in geselecteerde geografische markten in Europa en Turkije, met een duidelijke focus op het beste winkelvastgoed in de populairste winkelstraten in grotere steden (“high streets”). Vastned bezit daarnaast aantrekkelijke winkelcentra en retail warehouses. Huurders van Vastned zijn sterke, toonaangevende internationale en nationale retailmerken. De vastgoedportefeuille heeft een omvang van ongeveer € 1,8 miljard.